Nigeria: Afreximbank to train businesses for AfCFTA

By InstinctBusiness Jul 12, 20240

The African Export-Import Bank has announced its plan to launch a capacity development program to empower African businesses to leverage the opportunities presented by the African Continental Free Trade Area (AfCFTA).

The continental bank mentioned that the capacity-building program would be spearheaded by its academy in collaboration with the AfCFTA Secretariat.

The AfCFTA is a free trade agreement established among 54 of the 55 African Union nations, making it the largest free trade area in the world by the number of participating countries.

Afreximbank stated that the training, scheduled for September in Cairo, Egypt, would be conducted in partnership with the American University in Cairo.

Commenting on the programme, the Group Chief Economist & Managing Director of Research at Afreximbank, Dr Yemi Kale, said, “Afreximbank is a key supporter of the implementation of the AfCFTA whose focus is on transforming Africa from a fractured, commodity-dependent group of economies to a vibrant, integrated single market of about two billion people with a combined GDP of about$3.4tn.

“In this regard, we believe that well-informed and prepared businesses are key to driving intra- and extra-African trade and investment. Through this training program, which is one of the numerous capacity-building initiatives the Bank has put in place to promote intra- and extra-African trade and investments, we aim to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, thereby enhancing their competitiveness and contributing to sustainable economic growth in Africa.”

Also, the Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, Tsotetsi Makong, emphasised the importance of capacity building for the successful implementation of the AfCFTA.

Makong said, “Investing in capacity building for the corporates and SMEs will ensure that home-sourced investments are mobilised and deficits with third country markets reduced, proving the AfCFTA to be the single most important instrument that de-risks the African continent in its entirety when it comes to investments.”